Genuine Predictions of Mcx Market by Tips

Market Outlook

MCX Gold continued with its bullish trend and test major resistance of 34000. For upcoming session if price maintain above 34000 then this momentum can take price up to next resistance of 34300. MCX Crude oil also trades on higher levels and it has important resistance of 4100 and lower side it has immediate support of 3950 and next trading session it may continue with its bullish trend. MCX Copper broke its major resistance of 450 and trades above this level and we will continue to suggest upward trend for next session and downward side it has initial support of 445 and below this level we expect some correction from higher levels.

Fundamental News

Prices of precious metals hit their highest since April 19, 2018 as the dollar was capped on falling U.S. Treasury yields and optimism surrounding trade talks between the United States and China. Prices of crude oil hovered near 2019 highs on Wednesday, supported by OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela, but capped by soaring U.S. production and expectations of an economic slowdown.

GOLD

Gold showed sideways to bullish movement and found the major resistance level of 34031. Now if price sustains on higher level then it will test next resistance level of 34150. On other side 33833 will be major support level.

SILVER

Silver showed sideways to bullish movement and found the major resistance level of 40750. Now if price sustains on higher level then it will test next resistance level of 41000. On other side 40525 will be major support level.

CRUDE

Crude oil showed sideways to bullish movement and found the major resistance level of 4100. Now if price sustains on higher level then it will test next resistance level of 4200. On other side 3985 will be major support level.

COPPER

Copper showed sideways to bullish movement and found the major resistance level of 457.80. Now if price sustains on higher level then it will test next resistance level of 463. On other side 451.25 will be major support level.

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